Duty, this is the favorite word of US President Donald Trump throughout the dictionary, as he himself has stated in many cases. It is a word that has recently starred in the headlines, where there is sometimes a necessary economic tool, and is sometimes said to bring about “disaster”. But what is a duty and how effective is it really? Duties are taxes imposed on goods imported from other countries. Companies that bring foreign goods to the country pay tax on government. Usually, duties are a percentage of the value of a product. The BBC writes that a 20% duty on Chinese products means that a $ 10 product is charged with an additional $ 2. Businesses that import products from abroad may choose to take part or all of the additional costs resulting from the customers’ duty by increasing the final price of the good. In the event of occurring […]
Source: News Beast
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